Scoping Paper on Formalizing UK-U.S. Regulatory Dialogue

British American Finance Alliance (BAFA) provides paper to the Financial and Regulatory Working Group (FRWG) to help policymakers establish a new, robust mechanism through which coordination and cooperation can take place.

Press Release: UK and US Finance Industries Join Forces to Propose Vision for Closer Regulatory Cooperation

Membership of the British American Finance Alliance:

• Alternative Investment Management Association (AIMA)
• American Council of Life Insurers (ACLI)
• American Property and Casualty Insurance Association (APCIA)
• Association of British Insurers (ABI)
• Association of Chartered Certified Accountants (ACCA)
• Association for Financial Markets in Europe (AFME)
• BAFT (Bankers Association for Finance and Trade)
• Bank Policy Institute (BPI)
• BritishAmerican Business (BAB)
• City of London Corporation
• Coalition of Services Industries (CSI)
• Institute of Chartered Accountants in England and Wales (ICAEW)
• Investment Association (IA)
• Investment Company Institute (ICI)
• London Market Group (LMG)
• Re-Insurance Association of America (RAA)
• Securities Industry & Financial Markets Association (SIFMA)
• TheCityUK (TCUK)
• The Law Society of England and Wales
• US Chamber of Commerce (USCC)
• UK Finance

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Excerpt

Executive Summary

The Financial and Regulatory Working Group (FRWG) presents a unique, unrealized opportunity to establish a

new gold standard in cross-border regulatory coordination and supervisory cooperation between the United

Kingdom (UK) and the United States (U.S.). In this paper, the British American Finance Alliance (BAFA) looks to

help policymakers establish a new, robust mechanism through which coordination and cooperation can take

place.

Our interest in regulatory cooperation is grounded in a desire to see improved and more consistent regulatory

outcomes. More compatible regulatory outcomes, in turn, provide a strong basis for cross-border investment,

growth and job creation across the entire economy – agriculture, manufacturing and services. We believe the

model for regulatory cooperation set out in our paper will provide a robust foundation for stronger economic

outcomes.

The COVID-19 crisis strengthens the case and opportunity for greater UK-U.S. regulatory cooperation.

Minimizing market fragmentation as global economies re-open for business will be central. UK-U.S. regulatory

dialogue will be an important element. COVID-19 has highlighted the importance of sound regulatory

practices in key policy areas such as prudential standards. Greater systematic cooperation in these areas will

ensure a more robust global recovery